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October 4, 2021
Question

I want to make sure that I'm putting everything I can into retirement. Now that I'm self employed, can I put double the amount into my IRA as employer and where?

  • October 4, 2021
  • 1 reply
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1 reply

JasroV
October 4, 2021

Great job in ensuring you're recording your IRA accurately, Jomeyer.

 

I'd be delighted to guide you on how to account for your IRA in QuickBooks Self-Employed (QBSE). Before anything else, I recommend contacting your accountant for guidance in recording this.

 

They can guide you whether to record it as a Personal or Business transaction and how much amount to enter. If you're not affiliated with one, you can visit our ProAdvisor page and we'll help you find one from there. You can also invite them to your account if you already have one to aid you in seamlessly supervising your account.

 

Once you're ready, you can now proceed to these steps on how to enter your IRA: 

 

  1. Go to the Transactions menu.
  2. Click Add transaction.
  3. Fill in the details and select Personal or Business under the TYPE section.
  4. Review the transaction, then click Save.

 

You can also use this link for additional guidance: Manually add transactions in QuickBooks Self-Employed.

 

I'm also attaching these articles that serve as your guide in matching your transactions flawlessly:  

 

 

You're always welcome in the Community space whenever you need more help recording your IRA. Just add the details in your reply and sprint back into action. Have a good one!